Gilead To Acquire Arresto Biosciences

Gilead Sciences has signed an agreement to acquire Arresto Biosciences for $225 million and potential payments based on certain sales levels. The deal is expected to close in 1Q11, subject to certain closing conditions.

Arresto is development-stage biopharma company focused on medicines to treat fibrotic diseases and cancer. Its lead product, AB0024, is a humanized monoclonal antibody (mAb) targeting the human lysyl oxidase-like-2 (LOXL2) protein currently in a Phase I study in patients with idiopathic pulmonary fibrosis (IPF). A Phase I study of AB0024 in patients with advanced solid tumors is also ongoing.

“Arresto’s R&D expertise is well aligned with Gilead’s areas of focus, including our ongoing clinical program for ambrisentan in IPF,” said Norbert W. Bischofberger, Ph.D., Gilead’s executive vice president, R&D and chief scientific officer. “We look forward to working with the team from Arresto to advance the development of novel therapies for serious fibrotic diseases and explore their potential for the treatment of tumors.”